Dan Loeb Is Reportedly Scaling Back His Big Herbalife Bet

Heidi Gutman/CNBC
Hedge fund manager Daniel Loeb has sold part of his long position in the nutrition company Herbalife, a source told CNBC.

Loeb, who runs Third Point, started selling a few weeks ago and has continued to trade around the position, the source said, including this past Friday when shares surged.

Third Point maintains a position in Herbalife, the source said.

Loeb's initial investment placed him squarely against another hedge fund titan, William Ackman, whose billion dollar short bet and fiery battle with Carl Icahn has been the talk of Wall Street ever since the two men brawled on CNBC's "Halftime Report" on Jan. 25.